USD/INR Price News: Indian rupee corrects further after topping out near 73.75


  • USD/INR rebounds for the second straight day on Friday, despite DXY’s weakness.
  • Despite the bounce, the pair is in a bearish consolidation phase.
  • Has the spot found a near-term bottom near the 73.75 area?

USD/INR is looking to build onto its previous rebound from near four-month troughs of 73.73, as bulls yearn for acceptance above the 74.00 mark.

The ongoing weakness in the US dollar fails to have any impact on the pair’s recovery, as the sentiment around the Indian rupee deteriorated amid the surging coronavirus case in the world’s second-largest populous country.

India reports a 264,202 daily rise in coronavirus infections this Friday, the highest since May 20, against 247,147 reported on Thursday.

Meanwhile, the minor correction in oil prices is also ignored by INR bulls, as the road to recovery extends ahead of the US Retail Sales release.

At the time of writing, the spot is trading close to the daily lows of 74.00, eyeing a sustained move above the latter.

Bulls will then see a fresh upswing towards the horizontal 200-Daily Moving Average (DMA) at 74.28, above which the 100-DMA at 74.53 will get tested.  

Further up, the January high of 74.69 will be on buyers’ radars.

USD/INR: Daily chart

The 14-day Relative Strength Index (RSI), however, remains below the midline while recovering from the oversold territory, suggesting that the bearish bias remains intact in the near term.

The immediate cushion is seen at the November 9 lows of 73.85. The four-month lows will be back in the spotlight if the latter caves into the bearish pressures.

USD/INR: Additional levels

USD/INR

Overview
Today last price 73.9995
Today Daily Change 0.0108
Today Daily Change % 0.01
Today daily open 73.9887
 
Trends
Daily SMA20 74.6877
Daily SMA50 74.823
Daily SMA100 74.532
Daily SMA200 74.2875
 
Levels
Previous Daily High 73.9887
Previous Daily Low 73.7425
Previous Weekly High 74.6888
Previous Weekly Low 74.1557
Previous Monthly High 76.5958
Previous Monthly Low 74.1065
Daily Fibonacci 38.2% 73.8946
Daily Fibonacci 61.8% 73.8365
Daily Pivot Point S1 73.8246
Daily Pivot Point S2 73.6605
Daily Pivot Point S3 73.5784
Daily Pivot Point R1 74.0707
Daily Pivot Point R2 74.1528
Daily Pivot Point R3 74.3169

 

 

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